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Suppose that Charles and Nancy are saving to buy a house. They have $20,000 in the bank, but know they will need $50,000 in 5
Suppose that Charles and Nancy are saving to buy a house. They have $20,000 in the bank, but know they will need $50,000 in 5 years. They have a savings account that offers 2.4% interest, compounded monthly. If they are planning on saving the same amount every month, how much would they have to save every month?
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